As a seasoned analyst with over two decades of experience in the crypto space, I have witnessed countless transformations within the blockchain ecosystem. The rebranding of Fantom to Sonic Labs is one such metamorphosis that stands out among the crowd.
In simpler terms, the Fantom blockchain protocol, previously known as Fantom, has undergone a significant transformation and is now officially called Sonic Labs. This change can be seen on their official website, which is no longer named “Fantom” but rather “Sonic Labs.”
The Rebranding Journey From Fantom to Sonic Labs
As a seasoned blockchain enthusiast with years of experience under my belt, I’ve seen numerous rebranding initiatives within the crypto sphere. However, the recent move by Fantom to launch Sonic Labs and Sonic Foundation stands out as particularly promising. A few months ago, these two entities were introduced into the ecosystem, with Sonic Labs tasked with developing and growing Decentralized Applications (DApps) linked to Sonic.
“At the same time as the Sonic network goes live, we’ll also unveil the Sonic Foundation. This entity will oversee the administration and financial management of the network, while Sonic Labs will spearhead the expansion of dApps, partnerships, and user base.”
As an analyst, I’m excited to share that we’ve smoothly transitioned into a phase where we’re readying the launch of Sonic, the swiftest Ethereum Virtual Machine (EVM) yet. From what I gather on the Sonic Labs introduction page, Sonic serves as a Layer-1 platform, offering a secure passageway to Ethereum.
IT’S OFFICIAL! We’re now Sonic Labs.
We’re thrilled to roll out #Sonic Labs on every platform, as we steadily approach the unveiling of Sonic, the swiftest EVM chain offering a reliable bridge to Ethereum.
Check out the new Sonic Labs splash page.
— Sonic Labs (prev. Fantom) (@0xSonicLabs) August 1, 2024
Moreover, Sonic Labs emphasized their platform as offering the quickest network for settling digital assets, capable of processing over 10,000 transactions per second (TPS) and confirming all transactions within a single second.
A New Era With Sonic Labs
Sonic Labs intends to garner support through an extensive rewards program. Unlike Fantom, which employed FTM as its native token, Sonic will utilize the S token. This fresh token will be integrated into the system through large-scale airdrops, simplified staking options, incentive programs, and various other methods. Although the shift from Fantom to Sonic Labs has been finalized, the launch of Sonic is scheduled for the last quarter of the year.
Among the key backers and financiers of Sonic Labs are Robert Leshner (CEO of Compound), Stani Kulechov (CEO of Aave), and Sam Kazemian (CEO of Frax Finance, along with several other notable figures.
Recently, following the green light from the U.S. Securities and Exchange Commission for trading Ethereum ETFs, the Ethereum scene has been marked by some fresh advancements. These Ethereum ETFs have shown promising figures initially, but are now facing significant withdrawals.
On Wednesday, all eight spot Ethereum ETFs experienced substantial outflow of $77.2 million.
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2024-08-01 23:14